Margins weaken on fresh Chinese quotas

摘要

Most refining margins weakened with the exception of naphtha, which firmed amid higher propane values. China unexpectedly issued a fourth batch of export quotas for 2018, weighing on product margins. Prompt gasoline fell to its lowest this year against the second month after China awarded some companies fresh export quotas for the remainder of this year (see graph). The government granted a fourth batch of allocations, covering 2mn t of products under general trade terms.